HUD Archives: News Releases

HUD No. 03-038
Maria Tamburri
(202) 708-0685, ext. 6419

For Release
April 10, 2003

American Dream Downpayment Initiative Will Help 40,000 Low-Income and Minority Families Afford a Home

WASHINGTON - Secretary Mel Martinez met yesterday with members of the Congressional Hispanic Conference to discuss the Bush Administration's American Dream Downpayment Initiative legislation, introduced Tuesday, and the Blueprint for the American Dream Partnership.

"I am pleased to have met with the Congressional Hispanic Conference because we share a belief in the great value of homeownership for families and communities," Martinez said. "The Bush Administration is committed to working with its partners in Congress and the private sector to make the American Dream come true for more minority families."

"As Representatives of the people, we must work our hardest to assure that the American Dream can be accessible and available for those who wish to pursue it," said Ileana Ros-Lehtinen, Chair of the Congressional Hispanic Conference. "The American Dream Downpayment Initiative will allow thousands of Americans to own their own homes, and that in itself is a most cherished and sought after achievement. Let us pass this Act in this Congress!"

Devin Nunes, Vice-Chair of the Congressional Hispanic Conference, added, "Homeownership is the foundation upon which the American Dream is built. It's an integral part of taking pride in your family life and your community. As your family's largest, single investment, it's also an important part of your family's financial future."

"The American Dream Downpayment Initiative will enable thousands of Americans to achieve homeownership, a goal at the crux of the American Dream," said Congressman Mario Diaz-Balart. "The effects of this legislation will positively encourage Americans to invest more in their homes and neighborhoods, creating stronger communities in our country."

The American Dream Downpayment Initiative will open the door of homeownership to 40,000 more low-income and minority families by helping to offset the upfront costs of buying a home.

The Blueprint for the American Dream Partnership, created last year by Martinez in response to President Bush's call to create 5.5 million new minority homeowners by 2010, is a coalition involving every segment of the housing industry. HUD and its partners hope to achieve the President's goal by:

  • Educating more people in the home buying process;
  • Increasing the supply of affordable homes;
  • Providing more downpayment and closing cost assistance; and
  • Offering more home financing options for lower income Americans.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet.


Content Archived: April 22, 2010